FB pixel

‘Reusable’ digital identity applications to reach $266B by 2027 – Liminal report

‘Reusable’ digital identity applications to reach $266B by 2027 – Liminal report
 

A new report from digital identity advisory firm Liminal claims the ‘reusable’ identity market may grow from $32.8 billion in 2022 to $266.5 billion by 2027 at a compound annual growth rate (CAGR) of 68.9 percent.

In the report, Liminal describes reusable digital identity applications as those that can “securely store verified information on an individual that is easily federated when transacting with a new entity, and enables a many-to-many relationship between consumers and organizations.” This means web users can use one trusted online ID for any site which accepts it rather than having to start a new profile each time.

According to the company, the growth of reusable digital identity applications is currently mainly driven by the demand for interoperable identity credentials that can streamline customer onboarding and post-onboarding customer experiences.

“Over the past five years we’ve seen rapid evolution in the digital identity market – from the adoption and proliferation of federated identity schemes to more secure and privacy-enhancing onboarding programs,” writes the company’s CEO Travis Jarae.

To facilitate the adoption of these solutions, Liminal believes companies and governments should increasingly focus on the development of interoperable networks, public-private partnerships, and fully-fledged, digital ID ecosystems.

“As digital identity technology continues to improve and governments around the world adopt eIDs, we expect a shift from transaction-based identity schemes to reusable identity ecosystems,” Jarae says.

Additionally, the executive believes that while public-led schemes will initially dominate the total addressable market (TAM), private reusable identity will account for 60 percent of the market by 2027, driven by an expansion of public and private initiatives and a consequent need for public-private partnerships (PPPs).

This report represents an early POV based on hundreds of engagements with leading identity vendors and identity-forward enterprises on what reusable identity is, what the market opportunity can be, and how to get there,” Jarae writes.

“We do not have a clear path defined nor business models validated, but that’s the fun part for those who want to attempt to capture the holy grail of identity.”

Article Topics

 |   |   |   |   |   |   |   |   |   | 

Latest Biometrics News

 

Municipal ID programs offer ID to undocumented people, and ICE wants their data

Amid the ongoing collapse of democratic norms in the U.S., it is easy to miss a nightmare scenario unfolding for…

 

Unissey levels-up biometric injection attack detection certification

Unissey’s face biometrics have been certified to substantial-level compliance with the European biometric injection attack detection (IAD) standard. Injection attacks…

 

Hey babe, check out my regulations: porn star, VerifyMy spice up UK Online Safety Act

It’s one thing when Christian moralists lobby for age assurance laws – but another thing entirely when the voices are…

 

Regula launches dedicated biometric morph attack detector

A new face morphing detector has been unveiled by Regula to defend against the significant security threat of passports and…

 

UK regulator fines 23andMe over massive genetic data breach

The U.K. Information Commissioner’s Office (ICO) has fined U.S.-based 23andMe £2.31 million for serious security failures that resulted in a…

 

Tonga reveals MOSIP and VS One World foundations of DPI success

Tonga launched its TongaPass digital ID and digital government portal this month. The government is now ramping up registration as…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events